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Wednesday, 06 May 20
FLOATING STORAGE OF OIL CARGOES - STANDARD CLUB
 KNOWLEDGE TO ELEVATE
Due to a combination of circumstances there is now a worldwide shortage of storage space ashore for both unrefined and refined oil products of all types. As such there is a now growing demand for oil tankers to be used as floating storage.
Potential issues to consider
Owners who receive requests to use their vessel for floating storage should give consideration to the following issues which may arise:
Degradation of the cargo in long term storage, this can be due to a number of factors such as gum formation, bacterial growth, instability of the cargo, settlement of sediments, stratification of component ingredients, etc. It is advisable at the pre-fixture stage, or if already on charter as soon as voyage instructions are received to carry out a thorough risk assessment to ensure that the vessel is designed and capable of storing the cargo for the periods required without any change in specifications that may result in the cargo being rejected by receivers. From a Club cover perspective, it is worth noting that Club cover could potentially be prejudiced where it is evident that the vessel was not fit to carry and store the cargo on board. It is therefore advisable that Members adequately protect themselves either with an indemnity from Charterers or additional cover where possible.
Requests from charterers to mix additives, conditioners into the cargo(es) should be properly investigated to ensure that no deterioration occurs as a result of the same. Any such requests should always be recorded in writing and an indemnity sought from the charterers for any liabilities arising from their request. Any such operation should also comply with all relevant SOLAS regulations and we would recommend using the INTERTANKO Cargo Additive Clause*.
Cargo leeching into cargo tank coatings with adverse effects. Paint manufacturers should be consulted and guarantees sought where possible before agreeing to carry cargoes for prolonged periods to avoid off-spec claims, and to preserve a right of recourse against paint manufacturers, if possible.
Cargo loss due to evaporation, leaks, etc. Some product cargoes are known to have inherent qualities such that the cargo evaporates over a period of time resulting in cargo shortages. It is recommended that Members consider this and allow for any shortages by incorporating a customary allowance in the CP and an indemnity from Charterers for any claims by a third party for losses within the agreed allowance.
Extra costs incurred due to heating/circulation of cargo, port dues, supply / generation of fresh water, supply of provisions at remote locations etc.
Maintenance of safe anchorage position.
Precautionary measures
The following precautionary measures should be considered:
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Prior to loading and/or discharge a qualified surveyor shall inspect and issue a cleanliness certificate for all tanks / piping and certify that they are fully compatible with the intended cargo(es).
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Any contamination to be verified by a chemist’s analysis. Such chemist to be agreed upon by all parties
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Allocation of any survey costs to be agreed prior to loading
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Cargo quantities to be determined by pre-agreed independent surveyors
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Anchor cable should be ranged at regular intervals to prevent excessive wear.
We would recommend that the Charter party incorporates appropriate protective clauses – Members may wish to use the BIMCO” Storage Clause in Clause 21 in BPTIME 3 as a starting point. The clause is simple and provides charterers the option to use the ship for floating storage within agreed geographical limits.
Additionally, we would recommend, as a minimum, that owners incorporate:
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BIMCO Hull Fouling Clause for Time Charter Parties to avoid potential disputes about the ship’s subsequent performance and allocate responsibility for costs for hull cleaning.
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Any agreement to use the ship for floating storage purposes should be limited in duration (number of days) depending on the characteristics of the cargo being stored.
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Members may also wish to consider obtaining an indemnity from Charterers for loss, damage or delay due to storage exceeding the agreed number of days.
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Bill of lading Clause making it sufficiently clear that any Bill of Lading (negotiable / non-negotiable) will be endorsed with the words: “Cargo(es) loaded on ( insert date ) stored on board. Carrier makes no representation regarding the quality or quantity of the cargo on board”.
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Ensure that any contract for carriage and/or storage of the cargo stipulates that such carriage or storage is subject to the Hague-Visby Rules.
The above is intended as a precis of common issues that may arise and is not intended to be a comprehensive listing of issues that may arise. If Members have any specific queries, they should contact their underwriter or the loss prevention department.
Members are reminded that there is no cover in respect of liabilities which would not have been payable by the Member if the contract of carriage had incorporated the Hague Rules, the Hague-Visby Rules, or similar rights, immunities and limitations in favour of the Carrier.
Source: Standard Club
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Tuesday, 07 April 20
COAL INDIA'S DISPATCHES DROP, OUTPUT INCREASES - THE HINDU
India’s largest coal producer Coal India Ltd. (CIL) has seen a 10% fall in dispatches in March 2020 due to a sharp fall in demand from the po ...
Tuesday, 07 April 20
CORONAVIRUS AND LOCKDOWNS DRAG DOWN THE INDONESIAN COAL PRICE REFERENCE IN APRIL
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of the Indonesian ther ...
Monday, 06 April 20
A 52,000DWT SHIP FIXING DELIVERY SINGAPORE TRIP, VIA INDONESIA, REDELIVERY TAIWAN, AT $3,100 - BALTIC BRIEFING
Capesize
The Capesize market this past week looks to have come off life support and found some improved sentiment. The week began rather ordina ...
Monday, 06 April 20
INDIA'S 21-DAY LOCKDOWN - IMPACT ON COMMODITIES? - WOOD MACKENZIE
India is under a three-week lockdown from 25 March, to contain the spread of the coronavirus outbreak. Wood Mackenzie analysts discuss what this me ...
Friday, 03 April 20
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
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Showing 1026 to 1030 news of total 6871 |
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- Interocean Group of Companies - India
- Binh Thuan Hamico - Vietnam
- Xindia Steels Limited - India
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- Larsen & Toubro Limited - India
- Romanian Commodities Exchange
- Billiton Holdings Pty Ltd - Australia
- MS Steel International - UAE
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- Vizag Seaport Private Limited - India
- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- Bhatia International Limited - India
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- Vedanta Resources Plc - India
- Power Finance Corporation Ltd., India
- Deloitte Consulting - India
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- Marubeni Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- VISA Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- Ambuja Cements Ltd - India
- Bhushan Steel Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- Planning Commission, India
- Metalloyd Limited - United Kingdom
- Orica Mining Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- Australian Coal Association
- Madhucon Powers Ltd - India
- European Bulk Services B.V. - Netherlands
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- Semirara Mining and Power Corporation, Philippines
- Central Electricity Authority - India
- Barasentosa Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- Commonwealth Bank - Australia
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- Trasteel International SA, Italy
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- Kideco Jaya Agung - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- Mercator Lines Limited - India
- Karaikal Port Pvt Ltd - India
- Dalmia Cement Bharat India
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- The Treasury - Australian Government
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- Meralco Power Generation, Philippines
- Indonesian Coal Mining Association
- Leighton Contractors Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Chettinad Cement Corporation Ltd - India
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
- Agrawal Coal Company - India
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
- Mjunction Services Limited - India
- Star Paper Mills Limited - India
- Standard Chartered Bank - UAE
- Kapuas Tunggal Persada - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Vijayanagar Sugar Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Grasim Industreis Ltd - India
- Baramulti Group, Indonesia
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- Indika Energy - Indonesia
- Central Java Power - Indonesia
- Ministry of Transport, Egypt
- White Energy Company Limited
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- Bayan Resources Tbk. - Indonesia
- San Jose City I Power Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Economic Council, Georgia
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- Salva Resources Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Chamber of Mines of South Africa
- PowerSource Philippines DevCo
- Energy Link Ltd, New Zealand
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- Coastal Gujarat Power Limited - India
- South Luzon Thermal Energy Corporation
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- Gujarat Mineral Development Corp Ltd - India
- Parliament of New Zealand
- Latin American Coal - Colombia
- Energy Development Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Petron Corporation, Philippines
- Semirara Mining Corp, Philippines
- Formosa Plastics Group - Taiwan
- Goldman Sachs - Singapore
- Krishnapatnam Port Company Ltd. - India
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